Non-granting of Deduction u/s.80P of Income Tax Act of Earned Interest Income due to Utilisation of Income for Non Business Activities : ITAT Directs Re-adjudication [Read Order]

By Shabna Rahim - On July 3, 2023 12:10 pm - 2 mins read

Non - granting - Deduction – Income – Tax - Act – Earned - Interest - Income - Utilisation - Income - Non – Business - ITAT - TAXSCAN

The Pune bench of the Income Tax Appellate Tribunal (ITAT) directed the assessing officer to re-adjudicate the rejection of the claim of deduction under section 80P of the Income Tax Act,1961 due to utilization of income for nonbusiness activities. Yuvashakti Nagari Sahkari, the appellant assessee was a cooperative credit society engaged in the business of…

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